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Gazprom Faces Bleak Outlook as Quarterly Net Beats Estimates

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OAO Gazprom said third-quarter net income dropped 62 percent on a foreign-exchange loss and falling exports as slumping oil prices threaten to further cut into profit.

Net income dropped to 106 billion rubles ($1.5 billion) from 276 billion rubles a year earlier, the world’s biggest natural-gas supplier said today on its website. That beat the average estimate of 58.8 billion rubles from nine analysts surveyed by Bloomberg as Gazprom reported a lower currency loss than forecast. Sales fell 5.9 percent to 1.13 trillion rubles.